| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Together Financial Services Ltd. > News item |
Fitch rates Together Financial notes B
Fitch Ratings said it assigned Bracken Midco1 plc's £350 million of new PIK toggle notes an expected rating of B.
Bracken Midco1 was established as part of Together Financial Services Ltd.’s 2016 buyout of former minority shareholders.
At the same time, the agency affirmed the company’s long-term issuer default rating at BB-, Together Financial’s long-term issuer default rating at BB and short-term issuer default rating at B, and Jerrold Finco plc's senior secured debt rating at BB.
The outlook is stable.
Fitch said the actions follow Together's announcement of plans to refinance debt relating to the buyout.
The transaction replaces Bracken Midco1's existing £220 million of PIK toggle notes (B) and £100 million of unrated PIK notes, which are currently above Bracken Midco1 in the group ownership structure, with £350 million of PIK toggle notes at the Bracken Midco1 level.
The net £30 million increase in funding allows for payment of fees, accumulated PIK interest and a small shareholder dividend, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.